Solution-Prepare journal entries to record the following

Prepare journal entries to record the following transactions

Reference no: EM131000381

Prepare the journal entries to record the following transactions on Horst company's books using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Record the journal entries in the order presented in the problem.

(a) On March 2, Horst company sold $861,000 of merchandise to Bernadina company terms 3/10, n/30. The cost of merchandise sold was $539,000.

(b) On March 6, Bernadina company returned $118,000 of merchandise purchased on March 2. The cost of the merchandise returned was $68,670.

Reference no: EM131000381

Questions Cloud

Microtech had not released its sales results to the public : Tom Brown, the controller for MicroTech Software Company, is responsible for preparing the company’s financial statements. He learns that sales for the first quarter of the year have dropped so dramatically that the company is in danger of bankruptcy..

Explain two examples of a public and private goods : Explain two examples of a public and private goods that you have consumed? Why do you think the government has to supply public goods?

How did the black death reshape european society : Describe Persian civilization around 500 BCE and discuss how the Persian Empire differed from earlier Empires such as the Egyptian and Assyrian?

What is the frequency of a simple pendulum : What is the frequency of a simple pendulum with a length of 0.56 m? A force of 5.6 N stretches a spring by a distance of 9.4 cm from its relaxed position. What is the spring constant?

Prepare journal entries to record the following transactions : Prepare the journal entries to record the following transactions on Horst company's books using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Record the journal entrie..

Bbq owned 12 restaurants in the boston area : BBQ owned 12 restaurants in the Boston area. Bob was the manager of the only BBQ restaurant located in a rural area. Some of Bob's customers told him that the decor and the food were really great, but they would not be eating at the BBQ anymore

What is the radius in m : A single charge in vacuum has imaginary equipotential surfaces around it which arc spherical, due to the symmetry. Assume we have a charge q = 4 x 10-10 C and such a surface with potential V= 36V. Input an expression for the radius of this surface,..

What would the future worth of his investments be equal to : Alex earns $85,000 per year and decides to invest 12% of his salary in a savings account with a return of 7% at the end of each period for 10 years for future use. a)If his salary increases by 2.5% every year, What would the future worth of his inves..

What fraction of age of earth is encompass by record histoy : What fraction of the age of the earth is encompassed by recorded history? If the sun's mass is about average, how many stars are there in the Milky Way galaxy?

User Account

All Pages

Prepare journal entries to record the following transactions

Reference no: EM131000381

Reference no: EM131000381

Questions Cloud

Reviews

Write a Review

Finance Basics Questions & Answers

Financial reporting and analysis

A report on financial accounting

Describe the types of financial ratios

Differences between sole proprietorship and corporation

Prepare a cash budget statement

What are the implied interest rates

State pricing theory and no-arbitrage pricing theory

Small business administration

Effect of financial leverage

Evaluate the basis for the payment to the lender

Importance of opps, ipps, mpfs and dmepos

Time value of money

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT